Gucci, an Italian luxury fashion house that makes high-end clothing and accessories, will accept cryptocurrency in five US stores later in the month. This is as Gucci continues to explore Web 3.
Gucci Taps Crypto
Vogue reports that Gucci plans to expand the pilot to all its North American stores this summer. Gucci will initially accept 12 cryptocurrencies: Bitcoin Cash, Ethereum Wrapped Bitcoin Cash, Ethereum and Wrapped Bitcoin. It will also accept five stablecoins that are tied to the US Dollar.
The first stores to accept the new payment method are Wooster Street, New York, Rodeo Drive, Los Angeles, Miami Design District and Phipps Plaza, Atlanta, and The Shops at Crystals, Las Vegas.
In-store cryptocurrency payments will also be possible using a link that is sent to customers via email. The QR code will allow them to make the payment using their crypto wallet. According to the report, the company will convert the digital asset into fiat currencies.
Gucci has joined the ranks of high-end fashion brands like Off-White which accepts six cryptocurrencies at its flagship stores in Paris and Milan. Equinox Group, an American luxury fitness company, announced earlier this week that it would accept crypto payments to its New York City-based gyms.
NFTs, Metaverse and More
Gucci’s attempt to get into Web 3 began with a four-minute film called Aria, which was sold last summer for $25,000 in an auction hosted by Christie’s. This year, Gucci Grail and SuperGucci were also offered by the retailer.
Gucci has expanded into Web 3 and recently bought virtual land in Animoca Brands’ decentralized blockchain game The Sandbox. This purchase was for an undisclosed sum in February. For Gucci-themed NFTs, it was creating a virtual concept store called “Gucci Vault.”
Marco Bizzarri, Gucci president and CEO, made the following statement to Vogues:
Gucci is open to new technologies whenever they offer a better experience for customers. Customers who wish to use cryptocurrencies in their payment system will find it a natural evolution.
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